Open House Picks: Six Months Later
Comment: It took 15-20% mark-downs to get these deals done, and they were pre-Lehman. Open House Picks 9/5/08 [Brownstoner] Previous Six Months Later Posts [Brownstoner]
Comment: It took 15-20% mark-downs to get these deals done, and they were pre-Lehman.
Open House Picks 9/5/08 [Brownstoner]
Previous Six Months Later Posts [Brownstoner]
Well, considering that Nob Hill and Back Bay are the equivalent of the West Village and Carnegie Hill in Manhattan, yes, those are very shocking prices. If you want a comparison to Brooklyn, look in Brookline or Charlestown or the Western Addtion.
Not really seeing what I’m getting in Boston for 700K either. Here’s a ONE bedroom in Back Bay for 675K. Are these supposed to shock me with how cheap they are?
http://www.trulia.com/property/
1075556218-280-Beacon-St-5-Boston-MA-02116
Oh and BTW, California is bankrupt.
http://www.trulia.com/property/
1074683741-1545-Broadway-205-San-Francisco-CA-94109
Not really seeing the excitement in what you get for 700K in Nob Hill. An ugly 800sf, 2 bedroom which looks like the NOVO inside complete with vertical blinds and aluminum siding exterior.
can anyone clarify for me why the rents in in high crime hoods of north bk are more than they are in stable areas of the bk south.u can get a 2 bed. for $900 a months in CI.and dont give me proximity to manhattan either.
Those people who are so positive that the “crash” is only in 35 counties or that cities like NYC will be different should spend a little time on RE blogs based in San Francisco or Seattle or Boston. It’s eye-opening to read about what is going on out there. Not to mention the amazing apartment you can buy on Nob Hill with breathtaking views of the bay for only 700K! I want it!
Rents are actually going down; a good friend of mine is looking in the Heights, and it’s now possible to get a 1 bedroom for under 2k. Probably not a palace, but still. Data, schmata –once it’s in the data, it’s history. Did no one else notice that NOP, the most gracious and statesman-like poster on Bstoner, asserted a 25% to 40% price drop from here?
Blaming the media and Obama is evidence of magical thinking. CNBC is a 24 hour Pollyanna, and what difference does CNBC make? This is reality, not American idol; this is a structural shift in the economy. The sooner you stop blaming Anderson Cooper, the sooner you may take steps to survive. Dave, maybe it’s not too late to trade back for your Manhattan place…?
Half of country’s foreclosures in 35 counties
Half of the foreclosures nationwide in 2008 took place in just 35 counties across a dozen states, according to data from real estate listing firm RealtyTrac. Most of the counties are in South Florida, Southern California, Las Vegas, Phoenix, and Washington, D.C. The counties make up about 1 percent of all counties in the country and are home to about 20 percent of U.S. households.
“Comment: It took 15-20% mark-downs to get these deals done, and they were pre-Lehman.”
Penny-wise (deposit), pound-foolish (massive depreciation) Brooklyn buyers. Can’t walk away from a contract.
“Bottom Line: The way the media reports it,
you would think we were years away from a
solid recovery in the real estate market,…”
You would think correctly. The recovery will be a very wide U-shape, not a sharp V-shape. By recovery you mean a return to peak prices, not peak volume.
“…especially in states like California, when some
of the housing data suggest otherwise.”
The data suggests a temporary volume recovery, not price recovery. Temporary because we are just entering an economic depression. Sales will virtually cease when unemployment peaks.
“what % drop in comps from, say, early ’08 or mid-2007 do these sales represent?”
Zero. Those buyers grossly overpaid (from where prices will crash land to). Asks were were likely set above comps. So these percentage drops make the thread look like one for Team Bear when it’s really one for Team Bull.
“I am convinced now after watching that brilliant Jon Stewart clip from 2 days ago that showed Rick Santellis rant and clips from the past year over on CNBC that no one knows anything about anything. Everyone is full of crap. And to sit here on brownstoner and try to figure out the market is a joke, especially from bloggers who sit on the bums all day and look at the internet. Sorry.”
This is your brain on TV.
“…there is a complete blackout of anything positive by the news media!!!!”
What positive news are they blacking out, dave? Young Asian men moving into Bed Stuy doesn’t count.
***Bid half off peak comps***